- 4 Things Required for a KY Mortgage Loan Approval
- Credit Scores Required For A Kentucky Mortgage Loan Approval in 2021
- Down Payment Assistance Kentucky 2021
- Kentucky First-time Home Buyer Programs
- Kentucky FHA Mortgage Information
- Kentucky VA Mortgage Loan Information
- USDA Rural Housing Kentucky Loan Information
- Zero Down Kentucky Mortgages
- First-time Home-buyers in Kentucky
- Documents Needed Mortgage Approval in Kentucky
- Free Credit Score Booklet
- Do's & Dont's before closing:
- Closing Costs Kentucky Mortgage
- Lock Kentucky Mortgage Loan Rate
- Home Inspections Kentucky
- Accessibility Statement
• You can only buy HUD homes. Go to the HUD Homes For Sale web page.
• You must use a HUD-registered real estate broker or agent.
• You must qualify for and use Federal Housing Administration (FHA) financing.
• You must plan to be an "owner-occupant," buying the property to live in and not as an investment.
• The home's purchase price must be no more than the appraised value of the property. If you bid a higher price you can pay the difference in cash, minus $100.
• The $100 down incentive must be on the executed contract. That means you have to specifically request the incentive. Your real estate agent should be aware of this provision.
• In some cases, HUD will also cover up to 3 percent of the closing costs.
• The $100 down payment program is eligible for the FHA 203(k) loans. The loans allow borrowers to use a portion of their purchase loan to repair and renovate run-down homes.
That's a good thing because HUD homes are sold in an "as-is" condition -- what you see is pretty much what you get. You could find a diamond in the rough or fool's gold. HUD homes often include a property condition report, but that is not a warranty.
The property report can resemble a home inspection report, but HUD home buyers are always encouraged to get a home inspection to determine just what "as is" is.